The Operating Performance Measures of Securities Firms Under Different Framework Before and After the Era of Financial Holding Companies

• Main Authors: Su, Pao-Hsiu, 蘇寶秀
• Other Authors: 古永嘉
• Format: Others
• Language: zh-TW
• Published: 2009
• Online Access: http://ndltd.ncl.edu.tw/handle/16949941058083378929

碩士 === 國立臺北大學 === 企業管理學系碩士在職專班 === 97 === To cope with the trend of liberalization, diversification and globalization of finance, the government had announced and implemented “Financial Holding Company Act” since 2001 in order to advance the competitiveness and effectiveness of financial institutions. The establishment of financial holding firms is a popular trend in Taiwan. Facing the full line of products and services provided by those financial holding companies, the non-financial holding securities firms should use what kind of strategy to deal with? To those securities firms who joining the financial holding companies, it becomes a worthwhile issue to discuss on how to use the financial holding’s advantage and increase the performance. In this research, statistical tools including regression analysis, GLM (General Linear Model) of ANOVA (Analysis of Variance ), and Duncan’s multiple range are applied to test whether there are significant differences between the influence of operating indicator on operating performance in full-service securities firms and the establishment of financial holding firms and non-financial holding firms have significant influence of operating indicator on operating performance of security firms or not. The empirical results are summarized as follows. First, as for the test of operating indicator on operating performance in full-service security firms, according to regression analysis “revenue growth rate”, “operating profit margin”, “brokerage profit margin”, ‘‘proprietary profit margin” have a significance influence on operating performance in full-service securities firms. Second, regarding the test of operating indicator on operating performance in financial and non-financial security firms, based on regression analysis, there is a significant difference between “revenue growth rate”, “operating profit margin”, “operating expense ratio” and ‘‘proprietary profit margin” after financial holding security firms are established. In addition, for non-financial securities firms, “operating profit ratio” “operating expense ratio” and ‘‘‘proprietary profit margin” have a significance influence on operating performances. Third, concerning the operating performance test of full-service Securities firms in financial holding groups, according to the results of ANOVA, performs significantly that there exist no significance differences in performance for different characteristic financial holding companies. However have better operating performance than before joining the financial-holding firms. Forth, regarding the operating performance test before and after the establishment of financial holding as well as non-financial holding security firms, according to the results of ANOVA, performs significantly better than before joining the financial-holding firms and better than non-financial holding security firms.